Manufacturers urge CBN to raise special window allocation to SMEs to $100,000

Chairman, Manufacturers Association of Nigeria, MAN, in Ogun State, Mr Wale Adegbite has advised the Central Bank of Nigeria, CBN, to increase the special window given to SMEs in the country from $20,000 to $100,000 quarterly.

Adegbite said yesterday in Ota, Ogun, that such a decision would effectively help the Small and Medium Enterprises, SMEs, to import raw materials and boost the economy.

The CBN, through its Acting Director, Corporate Communication Department, Mr Isaac Okorafor, on Monday in Abuja, announced that the apex bank had opened a special window of $20,000 quarterly for SMEs to enable them to import eligible finished and semi-finished items into the country.

The bank also said that its special intervention became necessary after finding out many SMEs were being crowded out of the foreign exchange market (Forex).

According to Adegbite, the new special window by the CBN is not sufficient for the SMEs to import eligible finished and semi-finished items into the country.

“The new special windows just introduced for the SMEs by the apex bank was too nominal and small for them to import goods into the country,” he said.

The chairman said that an upward review of the intervention by the CBN would stimulate activities of SMEs that would further generate employment opportunities.

Adegbite also emphasized the need for the CBN to open another special window for manufacturers to enable them to operate optimally since the $60,000 incentive had been discontinued.

“The SMEs and manufacturers form the bedrock of any nation because they play vital roles in economic development as well as providing jobs for the people.’’